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Tesla Tax Credit Reduced in 2019

Posted by Mike Noon Posted on Jan 02 2019

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In December 2018, IRS stated that Telsa sold more than 200,000 plug-in electrical vehicles in the third quarter of 2018. As a result of this event, as required by law, the $7,500 tax credit for Tesla plug-ins bought in 2019 will be phased out in stages.

For purchases made after December 31, 2018, the credit is reduced to $3,750, followed by a reduction to $1,875 for Teslas acquired after June 30, 2019. Other vehicle credits are still available for buying qualified vehicles that meet the IRS’ standards.

 

Michael R. Noon, CPA, MSA

Partner

Prudhomme Associates CPAs

43460 Ridge Park Dr. Ste 220

Temecula, CA 92590

Tel: 951-676-3131

Fax: 951-676-4141

www.prudhommecpas.com

 

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